Bessemer Group Inc. boosted its stake in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 41,998.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 32,416 shares of the company's stock after acquiring an additional 32,339 shares during the period. Bessemer Group Inc. owned about 0.06% of Primoris Services worth $4,637,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PRIM. Wellington Management Group LLP raised its position in shares of Primoris Services by 163.0% during the 4th quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company's stock worth $216,774,000 after purchasing an additional 1,082,218 shares during the last quarter. Norges Bank acquired a new stake in Primoris Services in the 4th quarter worth about $103,368,000. State Street Corp boosted its holdings in Primoris Services by 56.8% in the 4th quarter. State Street Corp now owns 2,011,488 shares of the company's stock worth $249,866,000 after buying an additional 728,646 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Primoris Services by 7.8% in the 4th quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company's stock worth $804,361,000 after buying an additional 466,192 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Primoris Services by 2,338.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 314,426 shares of the company's stock worth $39,033,000 after buying an additional 301,532 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Primoris Services
In related news, Director David Lee King sold 20,000 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total value of $2,381,800.00. Following the completion of the sale, the director owned 14,941 shares of the company's stock, valued at approximately $1,779,323.69. This represents a 57.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider John M. Perisich sold 29,707 shares of Primoris Services stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $127.86, for a total transaction of $3,798,337.02. Following the transaction, the insider directly owned 27,574 shares in the company, valued at $3,525,611.64. This trade represents a 51.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.10% of the company's stock.
Primoris Services Price Performance
PRIM stock opened at $86.55 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 1.28. The business has a 50 day simple moving average of $103.71 and a 200-day simple moving average of $133.01. The firm has a market capitalization of $4.70 billion, a PE ratio of 19.06 and a beta of 1.41. Primoris Services Corporation has a 1 year low of $65.00 and a 1 year high of $205.50.
Primoris Services (NYSE:PRIM - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.28). The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. Primoris Services's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.98 EPS. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Equities research analysts anticipate that Primoris Services Corporation will post 1.88 earnings per share for the current fiscal year.
Primoris Services Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. Primoris Services's payout ratio is presently 7.05%.
Analyst Ratings Changes
A number of brokerages have commented on PRIM. Oppenheimer began coverage on Primoris Services in a report on Tuesday, July 7th. They set an "outperform" rating and a $135.00 target price for the company. The Goldman Sachs Group raised Primoris Services from a "sell" rating to a "neutral" rating and lowered their price target for the stock from $107.00 to $102.00 in a research note on Thursday, June 25th. JPMorgan Chase & Co. upgraded Primoris Services from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $105.00 to $116.00 in a research report on Monday, June 29th. Guggenheim restated a "buy" rating and issued a $162.00 price objective on shares of Primoris Services in a report on Tuesday, June 23rd. Finally, Cantor Fitzgerald lowered their target price on shares of Primoris Services from $124.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday, June 25th. Eleven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Primoris Services has an average rating of "Moderate Buy" and an average target price of $137.47.
Get Our Latest Report on PRIM
About Primoris Services
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Free Report)
Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.
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